MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
YOUNG CHANG CO LTD |
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Registered Office : |
1029-2 Hogye 1-Dong Tongan-Gu Anyang Kyonggi-Do 431848 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
March 23, 1966 |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
Manufacture and trading of other paper and paperboard
products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
YOUNG CHANG CO LTD
1029-2 HOGYE 1-DONG TONGAN-GU ANYANG KYONGGI-DO 431848,
SOUTH KOREA
TEL: [+82] 31-4522180
FAX: [+82] 31-4529853
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH.23, 1966
CHIEF EXECUTIVE : MR. JAE-JIN CHO (CEO)
STAFF STRENGTH :
17
CAPITAL :
US$ 319,622
BUSINESS LINE :
MANUFACTURER
TURNOVER :
KRW 6,789,000,000 (AS OF DEC. 31, 2005)
EQUITIES :
KRW 990,000,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
KRW 926.32= USD1 AS OF 2007-4-24
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
KRW –South Korea Won
*Company History*
===============
1990 - Developed the environment-friendly water proof
packaging paper and got the patent.
*Company Registration*
===================
(1)
License number : 134111-0000905
Date issued
: 23 March, 1966
Issuing authority
: Supreme Court of Korea
Legal form
: Company Limited by Shares
Type of license
: Corporate License
(2)
License number :
138-81-05255
Date issued
: 23 March, 1966
Issuing authority
: Office of the National Tax Administration
Type of license
: Business License
*Capital Details*
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Share value
: KRW 10,000.00/-each
Authorized capital :
KRW 300,000,000.00
Paid-up capital : KRW 200,000,000.00
*Office & Facilities*
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Property status : Owned by YOUNG CHANG CO LTD
*Licenses & Permits*
=================
Int'l Trade no. : 7901704
*Reputation*
==========
Reference checking for the purpose of establishing the
firm's reputation within the respective industry failed to reveal any negative
information.
Website : www.youngch.co.kr The design is professional and
the content is well organized. At present it is both in Korean and English
versions.
E-mail : youngchang@youngch.co.kr
For the past 41 years there is no record of litigation.
*Major Shareholders*
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Total number of shares : 20,000
Shareholders' Name No. of Shares Amount of Shares (KRW) % of Shares
-------------------------- ------------------ ----------------------------------- ----------------
Jae-jin Cho 6,740 67,400,000.00 33.70
Undisclosed Shareholders 5,500 55,000,000.00 27.50
Seung-chul Kim 4,000 40,000,000.00 20.00
Yong-duck Park 3,760 37,600,000.00 18.80
*Director's Details*
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(1)
Yong-duck Park
Date of appointment : 24 April, 1998
(2)
Kyung-im Park
Date of appointment : 22 April, 2002
Management : Mr. In-choon Park, Auditor
Mr. Jae-jin Cho, CEO
Name Nationality Job
Description
Mr. In-choon Park Korean Auditor
Mr. Jae-jin Cho Korean CEO
*Key Personnel*
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(1)
Jae-jin Cho
Address
: 7-1 Jungang-dong, Yangju-gun, Kyonggi-do South Korea
Date of birth
: 28 February, 1946
Date of appointment
: 24 April, 1998
(2)
In-choon Park
Date of appointment : 22 April, 2002
*Main Products & Services*
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Specializes in the manufacture and trading of other paper
and paperboard products.
Also acts as an importing agent of pulp and panels.
Products also include the following:
- APP (Atactic Polypropylene Coated Moisture Proof Kraft
Paper)
- Polyethylene Coated Paper
- Volatile Corrosion Inhibitor Treated Paper
- Phonol Paper of Corn for Video Film
- Base paper of tape
Products : Air filters
Filter papers
Kraft paper
Newsprint paper
Packaging paper
*Payment Terms*
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Sales
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Local : Cash or
credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
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Local : Cash or
credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Quality Certification*
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Type of certification : Q Mark
Issuing authority
: VCI
Approved number :
91-VC-40
*Local Distribution Network*
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Majority of the annual turnover is attributed to local
sales.
*Export Markets*
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Part of the annual turnover is attributed to export.
*Overseas Suppliers*
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Suppliers' Name
Country
--------------------- ------------
LOUISIANA PACIFIC CORP USA
ALPHA CELLULOSE CORP
USA
FIRST URBAN FIBER INC USA
*LOCAL BRANCHES & MANAGEMENT*
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Branch : YOUNG CHANG CO LTD - INCHON
Branch Address : 78-55 Gajwa 1-dong So-gu, Inchon, 404812
Branch Tel : [+82] 32-5701255
Branch Fax : [+82] 32-5762340
*OVERSEAS AGENTS AND DISTRIBUTORS*
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Agent : R O C BALDWIN CO
Country of Origin : Taiwan
Product Description : Electric organs
Brand : YOUNG CHANG
Agent : R O C BALDWIN CO
Country of Origin : Taiwan
Product Description : Piano
Brand : YOUNG CHANG
PAYMENT RATING : 4 OBTAINED SCORES : 48
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers of
SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for SMALL
amounts depending on individual judgement experience.
*BANK DETAILS*
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Bank Name : INDUSTRIAL BANK OF KOREA
Branch : Chung-gu, Seoul
Branch Address : 50 Ulchiro 2-ga Chung-gu Seoul 100758 (Head
Office)
SWIFT Code : IBKOKRSE
*Financials*
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Balance Sheet
Currency :
KRW
Denomination : In
Million
31 December,
2005 31 December, 2004 31 December, 2003
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Total Assets 4,833 4,575 5,561
Current Assets 4,181 3,981 5,008
-Quick Assets 3,533 3,293 3,877
-Inventories 648 688 1,131
Fixed Assets 652 594 553
-Investment 328 305 259
-Tangibles 324 289 294
Total Liabilities 3,843 3,602 4,632
Current Liabilities 1,555 1,032 1,738
Fixed Liabilities 2,288 2,570 2,894
Capital Stock 200 200 200
Profit Surplus 790 773 729
Total Equity 990 973 929
Liab. & Shareholder's Equity 4,833 4,575 5,561
Income Statement
Currency :
KRW
Denomination : In
Million
31
December, 2005 31 December, 2004 31 December, 2003
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Sales 6,789 6,012 6,774
Cost of Sold Goods 6,018 5,157 5,836
Gross Profit 771 855 938
Selling & Admin. Expenses 690 890 951
Operating Income 81 (34) (13)
Non-Operating Income 128 283 89
Non-Operating expenses 185 182 349
Ordinary Income 24 67 (273)
Special Income 3 - -
Income Before Taxes 27 67 (273)
Income Taxes Expenses 2 2 -
Net Income 25 65 (273)
*Financial Ratios*
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31
December, 2005 31 December,
2004 31 December, 2003
------------------------ ------------------------ -------------------------
Growth %
Year-on-Year Growth 12.92 (11.25) N/A
Profitability
Profit Margin (%) 0.37 1.08 (4.03)
Return on Assets (%) 0.52 1.42 (4.91)
Asset Management
Total Assets Turnover (Times) 1.40 1.31 1.22
Liquidity
Current Ratio 2.69 3.86 2.88
*Financial Summary
(Currency: U.S. $'s)
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Year
Sales
Assets Net Income
2003
$5,654,424.04
$4,641,903.17
-$227,879.80
2004
$5,094,915.25 $3,877,118.64 $55,084.75
2005
$6,572,120.04
$4,678,606.00
$24,201.36
SC is considered an old-established business with stable development trend.
It is considered a credit line up to USD 50,000 appears to be within SC’s
capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service
Description
Manufacturing
2600 Paper and allied Products
Manufacturing
2653 Corrugated paper and paperboard and
articles thereof, included boxes,
pallets,
etc.
Manufacturing
2671
Coat/Laminate Paper Packaging
Manufacturing
2672
Paper, coated and laminated
Manufacturing
2676
Sanitary paper products
Manufacturing
2679
Converted paper products
Trading
2600 Paper and allied Products
Trading
2653 Corrugated paper and paperboard and
articles thereof, included boxes,
pallets,
etc.
Trading
2671
Coat/Laminate Paper Packaging
Trading
2672
Paper, coated and laminated
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing
3704 Photo plates,
film, paper, etc, exposed, not developed
Manufacturing
4800 Paper &
paperboard, articles of paper pulp
Manufacturing
4804 Kraft paper &
paperboard, uncoated, rolls etc
Manufacturing
4805 Paper &
paperboard, uncoated, rolls or sheets
Manufacturing
4807 Composite paper
& paperboard, no surf coat, roll etc
Manufacturing
4808 Paper and
paperboard, corrugated etc, rolls etc
Manufacturing
4812 Filter blocks, slabs and plates, of paper
pulp
Manufacturing
4818 Toilet paper,
paper tissues, towels, napkins etc
Manufacturing
4823 Paper,
paperboard, cellulose wad to size & arts
Manufacturing
4823901000 Articles of paper
pulp, not molded or pressed
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity
Product/Service Description
Manufacturing
Papers bonded by films
Manufacturing
Poly coated paper & boards
Manufacturing
Special paper
Manufacturing
Perfumed wet tissue paper
Manufacturing
Paper products
Manufacturing
Offset paper
Manufacturing
Laminated paper
Manufacturing
Industrial packing paper
Trading Air filters
Trading Special paper
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Importing from North America
Importing from USA
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)